There’s no stopping the strong sales of passenger cars and trucks in 2023. As of May 2023, the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA) reported combined sales of 166,104 units, with 38,177 vehicles sold last month alone.
In the same period last year, from January 2022 to May 2022, CAMPI-TMA sales were at 126,273. The 166,104 units sold year-to-date represent a 31.5% jump in sales, showing that consumer demand for new vehicles is still far from sated.
Toyota Motor Philippines still leads in sales with a commanding 46.47% market share. In a solid second place is Mitsubishi Motors Philippines Corporation with an 18.18% slice of the pie.
CAMPI President Atty. Rommel Gutierrez confirmed that “the growth of new motor vehicle sales in May with nearly 45% increase is definitively driven by the high market demand, recording double-digit growths across all segments from the figures last year.”
Last year the automotive industry supply chain was battered by the war in Ukraine and COVID lockdowns in critical locations. In 2023 the supply chain situation has improved, but big names like Toyota are still reported to have trouble meeting demand for many models.
Still, CAMPI is still optimistic it can meet its growth forecast this year. This confidence is buoyed by strong rumors that Toyota and Mitsubishi are launching major models in the second half of this year.
A strong automotive sector is a positive economic indicator. It means banks are willing to lend again. It does not bode well for traffic, though. But that’s another topic.
